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DOGEvember: Elon Musk influences the meme coin’s value again — new predictions and when to buy

Andrew Zhoao

News editor

Nov 2, 2022 at 05:48

Santiment analysts detected an increase in DOGE volatility. According to them, it is related to the recent changes in Twitter, especially to the purchase of the social network by Tesla and SpaceX CEO Elon Musk. The answer to the question “why did it affect meme coin’s growth” is simple — the token is the businessman’s favorite digital asset, which he has spoken about more than once, although he does not believe he is promoting the coin, however, from the outside it looks different. 

What is Musk’s point? 

After buying the platform, the billionaire immediately announced several innovations. In particular, Musk said that it would be possible to monetize content on the social network, as well as to verify users’ accounts. The latter service will cost $8 per month, which immediately caused a wave of anger among users, but the businessman remained firm on this issue.

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These actions are only indirectly related to DOGE. However, some users think that the businessman plans to integrate the token into the Twitter ecosystem in the future, which makes his constant references to the coin not entirely unreasonable.

According to CoinMarketCap, Dogecoin is in eight places by market cap and trading at $0.129 at the time of writing, down by 6.77% in the past day, and in the last week, the coin increased by 92.26%. But that could change soon, as the coin is predicted to grow even more. 

What to expect from DOGE in the near future? 

Besides Santiment, famous crypto analyst il Capo Of Crypto also noticed DOGE volatility and upcoming changes. According to him, the process has already started and the coin “is approaching major resistance” and predicted the approach of the so-called hammer candlestick a bullish trading pattern that may indicate that a stock has reached its bottom and is positioned for trend reversal.

Capo Of Crypto's analysys
Capo Of Crypto’s analysys

Upon hearing this, many crypto-investors began to vigorously buy up DOGE. One of them, MMCrypto, purchased $400K worth of coins. Now the crypto influencer has more than three million tokens in total. 

Other market players, such as Eight CEO and Founder Michael van de Poppe and trader BTC Trading Lab, do not advise doing rash things and buying the coin right now. In their opinion, in the next few days, the token will fall a bit more, and then it’s better to buy. 

Previously, Challenge analysts shared predictions that by the end of 2023, DOGE will be worth about $0.10-0.11. And experts say that in 2025 the token will be trading at $0.19 per coin. But they could all be wrong because another study suggests that DOGE could jump above $0.2 very soon.

Elliot's waves
Elliot’s waves


The so-called Elliot’s Waves a technical analysis method that helps find the nearest waves on the chart, and forecasts future price behavior in the term window shows that DOGE is now moving from the second to the third wave, which should be the most powerful jump in token value in the current growth cycle. However, there is a nuance: if the second wave in the market is not corrective, there could be an unexpected reversal even in the growth phase. This again suggests that we should wait and monitor the market for now. 

How are other meme coins doing? 

DOGE is the first meme coin, and it somehow affects the rise or fall in the value of other meme coins. So, after Dogecoin increased by 25%, the other meme tokens followed it. Here’s information on some of them. 

  • Shiba Inu. SHIBA (ranked 5528th by market capitalization) is down 5.69% in the last 24 hours but has added 14.85% in the last week. Shiba Inu is trading at 0.00001203 as of this writing.
  • Shiba Floki Inu. FLOKI (12th place by market capitalization) has risen 54.31% in the last 24 hours. At the time of writing, the coin is trading at $0.0000000005022.
  • Baby Dogecoin. Baby Doge Coin (ranked 222nd by market capitalization) has fallen 29.63% in the last 24 hours. At the time of writing, the coin is trading at $0.000000001385.

One way or another, DOGE has already attracted enough attention, so we should expect some changes in its value in the near future. Crypto enthusiast KALEO has already called this month the month of Dogecoin. Well, let’s see what will happen next.

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